Every good story deserves at least a trilogy, 1 2 3 and others limp on for a forth far less satisfying installment that is disappointing when compared to the original blockbuster.This has been the case with Bryce the banker, my own personal banker at ASB Bank in Albany.
This time I called Bruce about a small loan of about $25,000.00 that I wanted to pay off early.
Easy right?
Well no it wasn't.
The upshot is that I will be charged around 500 bucks for the privilege of paying off my loan 2.5 years early.
So what is my beef this time you ask?
Well, when re-negotiating this loan almost 3 years ago I asked some specific questions and got some specific answers from those questions.
My questions were:
1. will I be able to pay off lump sums easily without incurring penalties?
2. can I pay the loan off early without getting slam-dunked with a fee?
Not a problem was the answer to both these questions.
Well apparently it is a problem now and Bryce quite chirpily pointed out that the fees and charges were in my loan document that I signed, and he is right, they are.
But Bryce I asked the pertinent questions, was answered in the affirmative, so trusted the personal banker at the time (not Bryce) that I was getting the deal I thought I was.
But Chief you should have read the fine print in the contract said Bryce.
I know, but your representative at the time told me...you get the fast revolving point and I have had all my business with you for nearly 20 years... wheres the LOVE where is the LOYALTY Bryce!
But the contract Chief, the contract ! - say it in your head with the voice of a very small Mexican with a lisp wearing a white suit and smoking a big cigar.
My point is, regardless of the contract, I was told verbally in the main points of the loan, that no costs would be incurred by me for being a diligent wee boy and paying off my loan early and I went on my merry way with my lovely loan.
Also I have paid off two large lump sums of $10,000 in the past and incurred no fees or charges.
To cut this forth installment short I am taking my bank to the banking ombudsman and the small claims court for breaking the Fair Trading Act - mis-representing a good or service for sale.
The main point of this rather disappointing sequel?
If you have a problem at your bank, don't roll over and ask to be taken from the rear, get on top and try to screw the scrum straight, you will at least feel better and you might even get a positive outcome. You can guarantee if you don't pin them to the wall they will continue to get your pants around your ankles at every opportunity.
Bryce is no longer my personal banker, I fired him for calling me Chief way too many times - once is enough, can you believe that?- and now the manager of Albany Branch is handling my accounts.
I am also looking for another bank.
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